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Maybe things are a bit extreme in Hainan (as we have documented), but empty properties are just everywhere in China. Just as you would think that you won’t see that many in top tier cities like Shanghai, this is what was seen on the ground.

To be fair, there are shopping malls with better foot traffic (those targeting at mass market with a more balanced tenant mixed seems to be doing better than the one shown in the first photo, which are all selling high-end stuff), but even those looked mediocre.

This raises one important question: Rebalancing? Consumption-led growth? Where?